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Business, 13.01.2021 17:20 solobiancaa

A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial payment is k, and each subsequent payment is k larger than the preceding payment. Determine the principal outstanding immediately after the ninth payment, using an annual effective interest rate of 4 percent.

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A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial payment is k...
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